The past week underscored, yet again, the striking divergence between record highs for stock markets and continued geopolitical uncertainty and disrupted supply chains. The outlook for the global economy, especially in the short run, remains significantly dependent on the Strait of Hormuz, where the ongoing twin blockades have entered a critical four-to-eight-week window. This situation could result in spreading physical shortages across Africa and Asia, and not just in energy. Then there is the price effect: last week, regular US gas (petrol) prices breached the $4.50/gallon threshold and diesel approached all-time ... (full story)